IHeartMedia is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events, social and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers. and current CEO of Clear Channel Outdoor Holdings, Inc. We believe that the separation of the two businesses makes strategic and financial sense, and will allow each company to better achieve their individual missions,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. “Today’s announcement is recognition that while iHeartMedia and CCOH are both very strong in their respective areas – iHeartMedia is America’s number one audio company and CCOH is one of the world’s largest outdoor advertising companies – their key constituencies have little strategic overlap.

Currently iHeartMedia owns 89.1% of Clear Channel Outdoor Holdings, Inc.(CCOH) outstanding common stock. The separation is expected to occur in conjunction with, and is subject to, iHeartMedia’s emergence from its ongoing restructuring process. IHeartMedia and Clear Channel agree demerger terms to fully separate the two companies into fully independent businesses as part of iHeartMedia’s restructuring.

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